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by mdorazio
2214 days ago
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I'm going to guess you've never seen how senior executive recruiting actually works. I regularly work with senior-level executives in automotive, tier 1 supplier, and software companies and can tell you for a fact that right now these people would not easily find jobs anywhere else. Without the retention payouts their options would have been 1) keep working through the wind-down and receive their normal level of pay and benefits or 2) have no job and get the 55k/yr equivalent in unemployment with no benefits. I 100% do not believe very many, if any, would have opted for the latter option and sitting around on the beach. This payout was unnecessary. |
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... plus income from directorships, investments, etc.
People with high net worth don't need to rely on consistent income the way the rest of us do. A lot of them are later on in their careers and could potentially retire as well.
There are other options too, like quit and become a consultant, which is exactly what Marinello did.
It is very common for senior management to run to the door during a bankruptcy, even during an economic downturn. If there's any argument that this payout is unnecessary, it is that senior management doesn't really care about the money as much as it is about the situation.